Note that the mic is not just another USB-device. If you want to use the most recommendable driver (ASIO, not ASIO4ALL)) you can not use another ASIO-device simultaneously (assuming the mic supports ASIO). That's not Fast Tracks fault. If you must, then try WDM driver, it doesn't have the limitation. Also, make sure you have the latest ASIO driver for the Fast Track.
Basicly, with a USB-mic you can never do things "like the big boys do".
Not knowing anything about your system it's hard to say about latency etc. You should put your system specs in your signature. What is your (ASIO?) latency set at?
AFAIK the Fast Track should work without problems if you have everything set up ok. If there are known W8 issues, someone will surely chime in to tell.